Investing.com — shares fell on Thursday as investors focused on signs that momentum had begun to fade heading into March, overshadowing the first-quarter results beat a day earlier.
The stock fell 2.7% in Milan trading by 11:44 GMT.
Moncler’s retail sales rose 14% in the first quarter of 2026, buoyed by a strong January and an exceptionally strong February, the latter largely a function of the late Chinese New Year.
March, however, saw a step-down, and April has so far tracked in line with the softer March pace. Management noted that it had seen a further deterioration in EMEA tourism trends compared to January and February, particularly among Asian consumers.
“Given Moncler retail was up +14% in 1Q26, would it be fair to assume that March was up +HSD%?” Morgan Stanley analysts led by Edouard Aubin asked in a note.
The Chinese nationality cluster remained the standout performer, growing at a double-digit rate in the first quarter. Morgan Stanley analysts estimate the cohort likely grew more than 20%, a sharp acceleration from the low double-digits recorded in the fourth quarter of 2025.
Korean and Japanese customers also grew close to double digits, while Americans and Europeans posted more modest single-digit gains.
Space expansion contributed around four percentage points to the 14% retail growth figure, implying like-for-like growth of roughly 10% in the quarter. Morgan Stanley estimates pricing added around mid-single digits to that figure, with volumes a modest positive and product mix providing an additional tailwind.
A key focus for investors looking ahead is Moncler’s planned 5th Avenue flagship in New York, expected to open in September 2026 at roughly 2,000 square metres — about ten times the size of an average Moncler store.
The opening will be accompanied by the eventual closure of the brand’s Madison Avenue location, raising questions about how much of the new store’s early sales will represent genuinely incremental revenue versus a transfer from the existing site.
“Will Moncler launch a large campaign and multiple activations alongside the flagship opening? The Moncler 5th Avenue flagship is technically a relocation/expansion, as Moncler will be closing its Madison Avenue store in 2027 we believe,” the analysts wrote.
Moncler’s first-quarter group sales came in at 881 million euros, ahead of analyst expectations of 827 million euros.
Asia, which accounts for roughly half of group sales, rose 22% year-on-year, while the Americas grew 7%. EMEA was the weak spot, declining 1%, “penalised by relatively subdued tourism trends into the region and a weak online performance,” Moncler said.